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UPDATE 1-UK Stocks-Factors to watch on Monday July 2
July 2, 2012 / 6:46 AM / 5 years ago

UPDATE 1-UK Stocks-Factors to watch on Monday July 2

Britain’s FTSE 100 index is seen opening up 14-17 points, or as much as 0.3 percent, on Monday, according to financial bookmakers, consolidating after a sharp rise in the previous session spurred by bold measures to tackle the euro zone debt crisis. For more on the factors affecting European stocks, please click on

Gains could be limited after tepid Chinese manufacturing data reignited worries over the outlook for the global economy, with the country’s purchasing managers’ index dropping to 50.2 in June from May’s 50.4, signalling that growth in manufacturing sector activity was close to stalling.

The UK blue-chip index closed up 78.09 points, or 1.4 percent, at 5,571.15 on Friday, led by rallies in risk-sensitive energy, miners, and banking stocks after a European Union summit unexpectedly produced a raft of measures to tackle the region’s debt crisis.

On the domestic macro front, UK June Markit/CIPS manufacturing PMI is scheduled for release at 0828 GMT. The main focus for the week will be on a Bank of England meeting on Thursday, with the central bank poised to flood the market with another 50 billion pounds of cash, according to a Reuters poll.

Across the Atlantic, U.S. June Markit manufacturing PMI data is due at 1258 GMT, with U.S. June ISM and U.S. May construction spending data both out at 1400 GMT.

BARCLAYS Chairman Marcus Agius quit on Monday and said an interest rate rigging scandal had dealt “a devastating blow” to the bank’s reputation and “the buck stops with me”.

AVIVA The British insurer is considering selling or closing up to a fifth of its business divisions, the Sunday Telegraph said.

ASTRAZENECA The drugs giant will face questions from investors after announcing that it is to pay $3.4 billion towards the buyout of Amylin, the Sunday Telegraph said.

GLENCORE, XSTRATA Glencore’s CEO is to hold a ‘showdown’ meeting this week with Qatar’s state investment fund in a bid to save the Xstrata deal, the Sunday Times said.

Separately, Xstrata shareholders expect Glencore boss Glasenberg to increase his offer to more than 3 Glencore shares for every Xstrata share, the Mail on Sunday said.

INVENSYS China South Locomotive is understood to be in the early stages of plotting a move for the British engineering company, the Sunday Times said.

HERITAGE OIL has agreed to buy a stake in a string of Nigerian oilfield assets, known as OML 30, in a deal which Heritage said would diversify its portfolio and significantly increase its production capabilities.

CRANSWICK has bought Kingston Foods Limited.


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